For many, a big home is a dream come true, and for others not so much. While there are many families out there that need big homes, there are an equal number of people who prefer smaller homes. Downsizing isn’t just for retirees and those whose children have flown the coop – buying a smaller home has become popular among people and families of all ages in recent years, and it’s no wonder considering that downsizing comes with a number of benefits. From saving money to possibly increasing your overall quality of life, read on to find out more about the benefits of downsizing.
When it comes to downsizing, one of the biggest benefits comes financially. A smaller home generally means a smaller monthly mortgage payment, and a smaller property generally means less in yearly property taxes and less in energy costs. If you’re saving money on your home costs, then you have more money to contribute to savings, retirement accounts, or even more money to pay off other debt. A smaller living space means less money spent on furnishings, and it also gives you the freedom to create the space you want to have rather than just filling a room with stuff.
Freedom of Choice
Freedom of choice is important for many homeowners, and for some (especially those with large families) living in a large metro area is not possible because of lack of inventory or the costs of city living. If you’re downsizing, you have the freedom to choose where you want to live. Many people flock to the suburbs for affordability when it comes to larger homes, but smaller homes are readily available in a city, and downsizing can provide the opportunity to move to a more urban or metropolitan area/community.
Owning a home can have limitations on lifestyle freedoms, especially if a lot of your time and money goes into the upkeep of your home. Downsizing has helped thousands of people gain lifestyle freedoms that were not available to them before. A smaller home can mean having more money to travel, more personal time to dedicate to hobbies or helping others, an overall smaller carbon footprint, and even just a greater sense of adventure or living a less cluttered life. Some find living minimally in a smaller space life changing, while others may find it freeing to not be burdened with so many things. Whatever the reason, downsizing can help change your lifestyle to the one you want to have.
Downsizing your home can be a tough decision. For some families, moving to a smaller home isn’t an option, but for others it can be a way to live more fully and find greater happiness in life. From saving money and choosing where you want to live to having more free time, a smaller home can bring a lot of freedoms that bigger homes may not.